Miller Construction and investment partner Equitix have announced that they have reached financial close on a £50m scheme to deliver a new building for Inverness College UHI.

The first stage of a wider campus development on a 13.3 acre site on the outskirts of the Highland capital it is the first further education college to make use of the Non Profit Distributing financial model.

The deal sees both Miller and Equitix enter into a 25 year commitment as joint 50/50 investors to deliver the design and build project along with ongoing facilities management.

Chris Webster, chief executive, Miller Construction, said: “We are delighted to have secured financial close on the Inverness College UHI project. Our teams worked extremely hard to get this project over the line and we can now look forward to delivering the local employment initiatives and community benefits as part of this prestigious project.”

Work on the project is expected to commence immediately for completion by the start of the 2015 term.